Environmentalists and others who have been clamoring for a no-growth policy in the United States have finally got their wish: for the past few years, the U.S. economy has hardly grown at all.
Some days, it seems, the public prints are full of little else. American industry generally is in stagnation, and individual sectors such as steel, autos, and housing are in a state of virtual collapse. Rates of productivity growth, increases in Gross National Product, and advances in real personal income have all been grinding down toward zero. If the theories of the no-growth types were accurate, this ought to be a cause for great rejoicing.
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